List of 40 countries experiencing a recession in 2020

List of 40 countries experiencing a recession in 2020

Nigeria has officially slid into its another recession, according to the Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Saturday, November 21.

PAY ATTENTION: Win a prize of N115,000, N75,000 or N38,000: participate in Big Naija Independence contest by Legit.ng

The nation recorded a contraction of 3.62 percent in the third quarter of 2020. The development was blamed on the coronavirus pandemic and the crash in the global oil price.

However, Nigeria is not the only country that has slipped into recession, according to a report by The Cable.

The newspaper, citing data from S&P, reported that only China, Chile, and Sweden did not report a recession among the 34 economies in the world with a GDP of more than $200 billion.

Economy: List of 40 countries experiencing a recession in 2020

List of 40 countries experiencing a recession in 2020. Photo credit: Femi Adesina
Source: Facebook

The 40 countries listed below are those currently experiencing a recession, according to The Cable.

  1. United States
  2. Japan
  3. United Kingdom
  4. India
  5. Brazil
  6. Russia
  7. South Africa
  8. Austria
  9. Germany
  10. Switzerland
  11. Belgium
  12. Canada
  13. Denmark
  14. Estonia
  15. Finland
  16. Hungary
  17. Ireland
  18. Italy
  19. Latvia
  20. Lithuania
  21. Mexico
  22. Netherlands
  23. Norway
  24. Romania
  25. Spain
  26. Nigeria
  27. Peru
  28. Turkey
  29. Israel
  30. Poland
  31. Czech Republic
  32. Thailand
  33. Singapore
  34. Malaysia
  35. South Korea
  36. Australia
  37. Portugal
  38. France
  39. Indonesia
  40. Hong Kong
This recession could have been avoided if you heed my advice - Atiku tells Buhari, lists five key solutions

Earlier, Legit.ng reported that Atiku Abubakar, Nigeria's former vice president, said Nigeria's recession could have been avoided if President Muhammadu Buhari had heeded the advice given by him and other Nigerians.

Atiku said the recession could have been avoided if the Buhari-led government had taken three key steps he advised.

The steps the federal government failed to take which led to the recession, according to Atiku, include cutting the cost of governance, saving for a rainy day and avoiding profligate borrowing.

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

In another report, Nigerians might be in for a hard time as the nation's economy is under serious pressure.

This is as a result of the poor earnings from oil and non-oil sectors. According to the minister of state for petroleum resources, Timipre Sylva, the earnings for the country have dropped by 60%.

Breaking: Nigeria slides into second recession in five years

The minister made this known to journalists after a closed-door meeting with President Muhammadu Buhari at the State House, Abuja, on Monday, November 16.

Minister of industry says economy is improving; Nigerians disagree | - on Legit TV

Source: Legit

Online view pixel